Business Daily from THE HINDU group of publications
Monday, April 28, 2008 ePaper | Mobile/PDA Version
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Business Daily from THE HINDU group of publications Monday, April 28, 2008 ePaper | Mobile/PDA Version |
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News Update as at 18.00 hrs (IST)
Markets Markets under pressure ahead of RBI monetary policy MUMBAI: The stock markets faced pressure after a buoyant start as investors adopted a cautious approach ahead of the RBI's annual monetary policy review tomorrow and booked profits at higher levels. The BSE Sensex closed at 17,015.96, down 110.02 points from its previous close of 17,125.98. Earlier, the Sensex had risen to a high of 17,271.56 in the first 15 minutes of trade after resuming at 17,251.56. The broader 50-share S&P CNX Nifty, on the National Stock Exchange, also was down 22.05 points at 5,089.65. The market anticipated more monetary measures by the Central Bank as inflation rose to 7.33 per cent despite a 50 basis point hike in the Cash Reserve Ratio. There is strong possibility of a hike in interest rates and other monetary measures to contain the rising inflation. Soaring global crude oil prices, which today neared $120 a barrel level in Asian trade also caused concern among investors. - PTI Shares that bucked the subdued trend were Shasun Chemicals, Bal Pharma, Elgi Equipments and Oudh Sugars. On the NSE, shares of Shasun went up 19% to Rs 62, Balpharma gained 15% to Rs 37.60, Elgi Equipments was up 13% at Rs 63.90 and Oudh Sugars rose 10 p er cent to Rs 70.25.
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